Research Summary
The report analyzes the transaction speed of various blockchains, highlighting Solana as the fastest among large blockchains. It also compares the speed of non-Ethereum Virtual Machine (EVM) blockchains to EVM blockchains, with the former proving to be faster. The report further discusses the fastest EVM blockchains and the highest transactions per second (TPS) records set by different blockchains in the past year.
Key Takeaways
Solana: The Fastest Blockchain
- Solana’s Speed: Solana has the highest daily average TPS among large blockchains, reaching a record high of 1,504 TPS. This makes it 46 times faster than Ethereum and over 5 times faster than Polygon, the fastest Ethereum scaling solution. However, Solana has only achieved 1.6% of its theoretical maximum speed of 65,000 TPS.
Non-EVM Blockchains vs EVM Blockchains
- Non-EVM Blockchains: Non-EVM blockchains, on average, are almost four times faster than EVM blockchains. The second fastest blockchain, Sui, is a non-EVM blockchain that recorded its highest real TPS of 854. Other fast non-EVM blockchains include TON and Near Protocol.
- EVM Blockchains: Among EVM blockchains, BNB Smart Chain (BSC) and Polygon lead in speed. BSC achieved 378 TPS, making it the fastest EVM blockchain, while Polygon recorded 190 TPS, making it the fastest among Ethereum scaling solutions.
Real TPS Records
- Recent Records: Almost all the highest real TPS records were set in the past 12 months, indicating an increase in onchain activity. The only exception is Thorchain, which achieved its highest real TPS in May 2022.
Top Blockchains’ Highest TPS
- Ranking: The report ranks the largest blockchains from fastest to slowest based on all-time highest daily average TPS achieved. Solana, Sui, and BSC are the top three, with highest TPS of 1,053.65, 854.05, and 378.27, respectively.
Actionable Insights
- Monitor Solana’s Performance: Given Solana’s impressive speed, it would be beneficial to keep an eye on its performance, especially after its upcoming upgrades, to see how quickly it can record higher real TPS.
- Consider Non-EVM Blockchains: Non-EVM blockchains have proven to be faster than EVM blockchains. Therefore, exploring these blockchains could provide insights into their potential advantages.
- Track TPS Records: With most of the highest real TPS records set in the past year, it would be useful to track these records to understand trends in onchain activity.
